Cramer: Jobs Report Means You Get ‘Extra Cautious’

Cramer during Friday’s Stop Trading! said he has been struggling all day for some – any – arguments or ideas that could put what Wall Street sees as a terrible jobs report into perspective.

“And I haven’t yet come up with them,” he said.

Stop Trading! Listen to Cramer

Mad Money host Jim Cramer shares his take on the market.

Of the 431,000 jobs created in May, just 20,000 came from private industry. The rest were the result of hiring for this year’s census. Cramer had said yesterday that a disappointing number would cause a sell-off, and that’s just what happened, with the Dow plummeting over 300 points.

The news was especially bad, Cramer said, because it threatened the US’s standing as the one bright spot in the world economy. With Europe suffering an enormous debt crisis and China’s government forcing a slowdown to cool off its real estate bubble, the rebounding American market offered a lone haven for investors. With Friday’s jobs report, the US’s prospects seemed unable to outweigh the trouble in Europe and China.

But this is “not the end of the world,” Cramer said. “We just have to be a little extra cautious.”

He told viewers to return to the high-yielding dividends stocks that he has been recommending, like Kinder Morgan Energy Partners and Altria . He said he also likes General Mills and Hershey , both of which have hit 52-week highs today, because they are deflationary plays with little euro exposure. And finally, he endorsed the preferred shares of both Ford and Chesapeake Energy.